財(cái)務(wù)風(fēng)險(xiǎn)管理外文翻譯英文文獻(xiàn)

財(cái)務(wù)風(fēng)險(xiǎn)管理中英文資料翻譯FinancialRiskManagementAlthoughfinancialriskhasincreasedsignificantlyinrecentyears,riskandriskmanagementarenotcontemporaryissues.Theresultofincreasinglyglobalmarketsisthatriskmayoriginatewitheventsthousandsofmilesawaythathavenothingtodowiththedomesticmarket.Informationisavailableinstantaneously,whichmeansthatchange,andsubsequentmarketreactions,occurveryquickly.Theeconomicclimateandmarketscanbeaffectedveryquicklybychangesinexchangerates,interestrates,andcommodityprices.Counterpartiescanrapidlybecomeproblematic.Asaresult,itisimportanttoensurefinancialrisksareidentifiedandmanagedappropriately.Preparationisakeycomponentofriskmanagement.WhatIsRiskRiskprovidesthebasisforopportunity.Thetermsriskandexposurehavesubtledifferencesintheirmeaning.Riskreferstotheprobabilityofloss,whileexposureisthepossibilityofloss,althoughtheyareoftenusedinterchangeably.Riskarisesasaresultofexposure.Exposuretofinancialmarketsaffectsmostorganizations,eitherdirectlyorindirectly.Whenanorganizationhasfinancialmarketexposure,thereisapossibilityoflossbutalsoanopportunityforgainorprofit.Financialmarketexposuremayprovidestrategicorcompetitivebenefits.Riskisthelikelihoodoflossesresultingfromeventssuchaschangesinmarketprices.Eventswithalowprobabilityofoccurring,butthatmayresultinahighloss,areparticularlytroublesomebecausetheyareoftennotanticipated.Putanotherway,riskistheprobablevariabilityofreturns.Sinceitisnotalwayspossibleordesirabletoeliminaterisk,understandingitisanimportantstepindetermininghowtomanageit.Identifyingexposuresandrisksformsthebasisforanappropriatefinancialriskmanagementstrategy.HowDoesFinancialRiskFinancialriskarisesthroughcountlesstransactionsofafinancialnature,includingsalesandpurchases,investmentsandloans,andvariousotherbusinessactivities.Itcanariseasaresultoflegaltransactions,newprojects,mergersandacquisitions,debtfinancing,theenergycomponentofcosts,orthroughtheactivitiesofmanagement,stakeholders,competitors,foreigngovernments,orweather.Whenfinancialpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwiseadverselyimpacttheprofitabilityofanorganization.Financialfluctuationsmaymakeitmoredifficulttoplanandbudget,pricegoodsandservices,andallocatecapital.Therearethreemainsourcesoffinancialrisk:1.Financialrisksarisingfromanorganization’sexposuretochangesinmarketprices,suchasinterestrates,exchangerates,andcommodityprices.Financialrisksarisingfromtheactionsof,andtransactionswith,otherorganizationssuchasvendors,customers,andcounterpartiesinderivativestransactionsFinancialrisksresultingfrominternalactionsorfailuresoftheorganization,particularlypeople,processes,andsystemsWhatIsFinancialRiskManagementFinancialriskmanagementisaprocesstodealwiththeuncertaintiesresultingfromfinancialmarkets.Itinvolvesassessingthefinancialrisksfacinganorganizationanddevelopingmanagementstrategiesconsistentwithinternalprioritiesandpolicies.Addressingfinancialrisksproactivelymayprovideanorganizationwithacompetitiveadvantage.Italsoensuresthatmanagement,operationalstaff,stakeholders,andtheboardofdirectorsareinagreementonkeyissuesofrisk.Managingfinancialrisknecessitatesmakingorganizationaldecisionsaboutrisksthatareacceptableversusthosethatarenot.Thepassivestrategyoftakingnoactionistheacceptanceofallrisksbydefault.Organizationsmanagefinancialriskusingavarietyofstrategiesandproducts.Itisimportanttounderstandhowtheseproductsandstrategiesworktoreduceriskwithinthecontextoftheorganization’srisktoleranceandobjectives.Strategiesforriskmanagementofteninvolvederivatives.Derivativesaretradedwidelyamongfinancialinstitutionsandonorganizedexchanges.Thevalueofderivativescontracts,suchasfutures,forwards,options,andswaps,isderivedfromthepriceoftheunderlyingasset.Derivativestradeoninterestrates,exchangerates,commodities,equityandfixedincomesecurities,credit,andevenweather.Theproductsandstrategiesusedbymarketparticipantstomanagefinancialriskarethesameonesusedbyspeculatorstoincreaseleverageandrisk.Althoughitcanbearguedthatwidespreaduseofderivativesincreasesrisk,theexistenceofderivativesenablesthosewhowishtoreducerisktopassitalongtothosewhoseekriskanditsassociatedopportunities.Theabilitytoestimatethelikelihoodofafinanciallossishighlydesirable.However,standardtheoriesofprobabilityoftenfailintheanalysisoffinancialmarkets.Risksusuallydonotexistinisolation,andtheinteractionsofseveralexposuresmayhavetobeconsideredindevelopinganunderstandingofhowfinancialriskarises.Sometimes,theseinteractionsaredifficulttoforecast,sincetheyultimatelydependonhumanbehavior.Theprocessoffinancialriskmanagementisanongoingone.Strategiesneedtobeimplementedandrefinedasthemarketandrequirementschange.Refinementsmayreflectchangingexpectationsaboutmarketrates,changestothebusinessenvironment,orchanginginternationalpoliticalconditions,forexample.Ingeneral,theprocesscanbesummarizedasfollows:1、Identifyandprioritizekeyfinancialrisks.2、Determineanappropriatelevelofrisktolerance.3、Implementriskmanagementstrategyinaccordancewithpolicy.4、Measure,report,monitor,andrefineasneeded.DiversificationFormanyyears,theriskinessofanassetwasassessedbasedonlyonthevariabilityofitsreturns.Incontrast,modernportfoliotheoryconsidersnotonlyanasset’sriskiness,butalsoitscontributiontotheoverallriskinessoftheportfoliotowhichitisadded.Organizationsmayhaveanopportunitytoreduceriskasaresultofriskdiversification.Inportfoliomanagementterms,theadditionofindividualcomponentstoaportfolioprovidesopportunitiesfordiversification,withinlimits.Adiversifiedportfoliocontainsassetswhosereturnsaredissimilar,inotherwords,weaklyornegativelycorrelatedwithoneanother.Itisusefultothinkoftheexposuresofanorganizationasaportfolioandconsidertheimpactofchangesoradditionsonthepotentialriskofthetotal.Diversificationisanimportanttoolinmanagingfinancialrisks.Diversificationamongcounterpartiesmayreducetheriskthatunexpectedeventsadverselyimpacttheorganizationthroughdefaults.Diversificationamonginvestmentassetsreducesthemagnitudeoflossifoneissuerfails.Diversificationofcustomers,suppliers,andfinancingsourcesreducesthepossibilitythatanorganizationwillhaveitsbusinessadverselyaffectedbychangesoutsidemanagement’scontrol.Althoughtheriskoflossstillexists,diversificationmayreducetheopportunityforlargeadverseoutcomes.RiskManagementProcessTheprocessoffinancialriskmanagementcomprisesstrategiesthatenableanorganizationtomanagetherisksassociatedwithfinancialmarkets.Riskmanagementisadynamicprocessthatshouldevolvewithanorganizationanditsbusiness.Itinvolvesandimpactsmanypartsofanorganizationincludingtreasury,sales,marketing,legal,tax,commodity,andcorporatefinance.Theriskmanagementprocessinvolvesbothinternalandexternalanalysis.Thefirstpartoftheprocessinvolvesidentifyingandprioritizingthefinancialrisksfacinganorganizationandunderstandingtheirrelevance.Itmaybenecessarytoexaminetheorganizationanditsproducts,management,customers,suppliers,competitors,pricing,industrytrends,balancesheetstructure,andpositionintheindustry.Itisalsonecessarytoconsiderstakeholdersandtheirobjectivesandtoleranceforrisk.Onceaclearunderstandingoftherisksemerges,appropriatestrategiescanbeimplementedinconjunctionwithriskmanagementpolicy.Forexample,itmightbepossibletochangewhereandhowbusinessisdone,therebyreducingtheorganization’sexposureandrisk.Alternatively,existingexposuresmaybemanagedwithderivatives.Anotherstrategyformanagingriskistoacceptallrisksandthepossibilityoflosses.Therearethreebroadalternativesformanagingrisk:Donothingandactively,orpassivelybydefault,acceptallrisks.Hedgeaportionofexposuresbydeterminingwhichexposurescanandshouldbehedged.3.Hedgeallexposurespossible.Measurementandreportingofrisksprovidesdecisionmakerswithinformationtoexecutedecisionsandmonitoroutcomes,bothbeforeandafterstrategiesaretakentomitigatethem.Sincetheriskmanagementprocessisongoing,reportingandfeedbackcanbeusedtorefinethesystembymodifyingorimprovingstrategies.Anactivedecision-makingprocessisanimportantcomponentofriskmanagement.Decisionsaboutpotentiallossandriskreductionprovideaforumfordiscussionofimportantissuesandthevaryingperspectivesofstakeholders.FactorsthatImpactFinancialRatesandPricesFinancialratesandpricesareaffectedbyanumberoffactors.Itisessentialtounderstandthefactorsthatimpactmarketsbecausethosefactors,inturn,impactthepotentialriskofanorganization.FactorsthatAffectInterestRatesInterestratesareakeycomponentinmanymarketpricesandanimportanteconomicbarometer.Theyarecomprisedoftherealrateplusacomponentforexpectedinflation,sinceinflationreducesthepurchasingpowerofalender’sassets.Thegreaterthetermtomaturity,thegreatertheuncertainty.Interestratesarealsoreflectiveofsupplyanddemandforfundsandcreditrisk.Interestratesareparticularlyimportanttocompaniesandgovernmentsbecausetheyarethekeyingredientinthecostofcapital.Mostcompaniesandgovernmentsrequiredebtfinancingforexpansionandcapitalprojects.Wheninterestratesincrease,theimpactcanbesignificantonborrowers.Interestratesalsoaffectpricesinotherfinancialmarkets,sotheirimpactisfar-reaching.Othercomponentstotheinterestratemayincludeariskpremiumtoreflectthecreditworthinessofaborrower.Forexample,thethreatofpoliticalorsovereignriskcancauseinterestratestorise,sometimessubstantially,asinvestorsdemandadditionalcompensationfortheincreasedriskofdefault.Factorsthatinfluencethelevelofmarketinterestratesinclude:1、Expectedlevelsofinflation2、Generaleconomicconditions3、Monetarypolicyandthestanceofthecentralbank4、Foreignexchangemarketactivity5、Foreigninvestordemandfordebtsecurities6、Levelsofsovereigndebtoutstanding7、FinancialandpoliticalstabilityYieldCurveTheyieldcurveisagraphicalrepresentationofyieldsforarangeoftermstomaturity.Forexample,ayieldcurvemightillustrateyieldsformaturityfromoneday(overnight)to30-yearterms.Typically,theratesarezerocoupongovernmentrates.Sincecurrentinterestratesreflectexpectations,theyieldcurveprovidesusefulinformationaboutthemarket’sexpectationsoffutureinterestrates.Impliedinterestratesforforward-startingtermscanbecalculatedusingtheinformationintheyieldcurve.Forexample,usingratesforone-andtwo-yearmaturities,theexpectedone-yearinterestratebeginninginoneyear’stimecanbedetermined.Theshapeoftheyieldcurveiswidelyanalyzedandmonitoredbymarketparticipants.Asagaugeofexpectations,itisoftenconsideredtobeapredictoroffutureeconomicactivityandmayprovidesignalsofapendingchangeineconomicfundamentals.Theyieldcurvenormallyslopesupwardwithapositiveslope,aslenders/investorsdemandhigherratesfromborrowersforlongerlendingterms.Sincethechanceofaborrowerdefaultincreaseswithtermtomaturity,lendersdemandtobecompensatedaccordingly.Interestratesthatmakeuptheyieldcurvearealsoaffectedbytheexpectedrateofinflation.Investorsdemandatleasttheexpectedrateofinflationfromborrowers,inadditiontolendingandriskcomponents.Ifinvestorsexpectfutureinflationtobehigher,theywilldemandgreaterpremiumsforlongertermstocompensateforthisuncertainty.Asaresult,thelongertheterm,thehighertheinterestrate(allelsebeingequal),resultinginanupward-slopingyieldcurve.Occasionally,thedemandforshort-termfundsincreasessubstantially,andshort-terminterestratesmayriseabovetheleveloflongerterminterestrates.Thisresultsinaninversionoftheyieldcurveandadownwardslopetoitsappearance.Thehighcostofshort-termfundsdetractsfromgainsthatwouldotherwisebeobtainedthroughinvestmentandexpansionandmaketheeconomyvulnerabletoslowdownorrecession.Eventually,risinginterestratesslowthedemandforbothshort-termandlong-termfunds.Adeclineinallratesandareturntoanormalcurvemayoccurasaresultoftheslowdown.Source:KarenA.Horcher,2005.

“WhatIsFinancialRisk

Management”.EssentialsofFinancialRiskManagement,JohnWiley&Sons,

財(cái)務(wù)風(fēng)險(xiǎn)管理只管最近幾年來金融風(fēng)險(xiǎn)大大增添，但風(fēng)險(xiǎn)微風(fēng)險(xiǎn)管理不是今世的主要問題。

全球市場愈來愈多的問題是，風(fēng)險(xiǎn)可能來自幾千英里之外的與這些事件沒關(guān)的外國市場。意味著需要的信息能夠在瞬時(shí)獲取，而后來的市場反響，很快就發(fā)生了。經(jīng)濟(jì)天氣和市場可能會(huì)快速影響外匯匯率變化、利率及大宗商品價(jià)錢，交易敵手會(huì)快速成為一個(gè)問題。所以，重要的一點(diǎn)是要保證金融風(fēng)險(xiǎn)是能夠被辨別并且管理適合的。準(zhǔn)備是風(fēng)險(xiǎn)管理工作的一個(gè)重點(diǎn)構(gòu)成部分。什么是風(fēng)險(xiǎn)風(fēng)險(xiǎn)給時(shí)機(jī)供應(yīng)了基礎(chǔ)。風(fēng)險(xiǎn)和裸露的條款讓它們在含義上有了細(xì)微的差異。風(fēng)險(xiǎn)是指有損失的可能性，而裸露是可能的損失，只管他們往常能夠交換。風(fēng)險(xiǎn)因由是因?yàn)槁懵?。金融市場的裸露影響大部分機(jī)構(gòu)，包含直接或間接的影響。當(dāng)一個(gè)組織的金融市場裸露，有損失的可能性，但也是一個(gè)贏利或利潤的時(shí)機(jī)。金融市場的裸露能夠供應(yīng)戰(zhàn)略性或競爭性的利益。風(fēng)險(xiǎn)損失的可能性事件來自如市場價(jià)錢的變化。事件發(fā)生的可能性很小，但這可能致使損失率很高，特別麻煩，因?yàn)樗麄兂３１阮A(yù)料的要嚴(yán)重得多。換句話說，可能就是變異的風(fēng)險(xiǎn)回報(bào)。因?yàn)樗鋵?shí)不老是可能的，或許能滿意地把風(fēng)險(xiǎn)除去，在決定怎樣管理它中認(rèn)識(shí)它是很重要的一步。辨別裸露微風(fēng)險(xiǎn)形式的基礎(chǔ)需要相應(yīng)的財(cái)務(wù)風(fēng)險(xiǎn)管理策略。財(cái)務(wù)風(fēng)險(xiǎn)是怎樣產(chǎn)生的呢?zé)o數(shù)金融性質(zhì)的交易包含銷售和采買，投資和貸款，以及其余各樣業(yè)務(wù)活動(dòng)，產(chǎn)生了財(cái)務(wù)風(fēng)險(xiǎn)。它能夠出此刻合法的交易中，新項(xiàng)目中，吞并和收買中，債務(wù)融資中，能源部分的成本中，或經(jīng)過管理的活動(dòng)，利益有關(guān)者，競爭者，外國政府，或天氣出現(xiàn)。當(dāng)金融的價(jià)錢變化很大，它能夠增添成本，降低財(cái)政收入，或影響其余有不利影響的盈余能力的組織。金融顛簸可能令人們難以規(guī)劃和估算商品和服務(wù)的價(jià)錢，并分派資本。有三種金融風(fēng)險(xiǎn)的主要根源：1、金融風(fēng)險(xiǎn)因因?yàn)榻M織所裸露出來的市場價(jià)錢的變化，如利率、匯率、和大宗商品價(jià)錢。2、惹起金融風(fēng)險(xiǎn)的行為有與其余組織的交易如供應(yīng)商、客戶，和對方在金融衍生產(chǎn)品中的交易。3、因?yàn)閮?nèi)部行動(dòng)或失敗的組織，特別是人、過程和系統(tǒng)所造成的金融風(fēng)險(xiǎn)。什么是財(cái)務(wù)風(fēng)險(xiǎn)管理財(cái)務(wù)風(fēng)險(xiǎn)管理是用來辦理金融市場中不確立的事情的。它波及到一個(gè)組織所面對的評(píng)估和組織的發(fā)展戰(zhàn)略、內(nèi)部管理的優(yōu)先事項(xiàng)和當(dāng)政策一致時(shí)的財(cái)務(wù)風(fēng)險(xiǎn)。公司踴躍應(yīng)付金融風(fēng)險(xiǎn)能夠使公司成為一個(gè)擁有競爭優(yōu)勢的組織。它還保證管理，業(yè)務(wù)人員，利益有關(guān)者，董事會(huì)董事在對風(fēng)險(xiǎn)的重點(diǎn)問題完成協(xié)議。金融風(fēng)險(xiǎn)管理組織就一定作出那些不被接受的有關(guān)風(fēng)險(xiǎn)的決定。那些被動(dòng)不采納行動(dòng)的戰(zhàn)略是在默認(rèn)狀況下接受全部的風(fēng)險(xiǎn)。組織使用各樣策略和產(chǎn)品來管理金融風(fēng)險(xiǎn)。重要的是要認(rèn)識(shí)這些產(chǎn)品和戰(zhàn)略方面，經(jīng)過工作來減少該組織內(nèi)的風(fēng)險(xiǎn)承受能力和目標(biāo)范圍內(nèi)的風(fēng)險(xiǎn)。風(fēng)險(xiǎn)管理的策略常常波及衍生工具。在金融機(jī)構(gòu)和有組織的交易所，衍生物寬泛地進(jìn)行交易。衍生工具的合約的價(jià)值，按期貨，遠(yuǎn)期，期權(quán)和掉期，是源自有關(guān)財(cái)產(chǎn)的價(jià)錢。衍生物利用利率，匯率，商品，股票和固定收入的證券，信貸，甚至是天氣進(jìn)行交易。這些產(chǎn)品和市場參加者使用策略來管理金融風(fēng)險(xiǎn)，與由謀利者用來提升風(fēng)險(xiǎn)的杠桿作用是同樣。固然能夠以為，衍生工具的寬泛使用增添了風(fēng)險(xiǎn)，衍生品的存在使那些希望經(jīng)過把它傳達(dá)給那些追求風(fēng)險(xiǎn)及有關(guān)時(shí)機(jī)的人降低了風(fēng)險(xiǎn)。估計(jì)財(cái)務(wù)損失的可能性是特別令人滿意的。但是，概率標(biāo)準(zhǔn)的理論常常在金融市場的剖析中不合用。風(fēng)險(xiǎn)往常不會(huì)孤立存在的，往常會(huì)和幾個(gè)風(fēng)險(xiǎn)的互相作用，一定仔細(xì)考慮在發(fā)展中國家的金融風(fēng)險(xiǎn)是怎樣產(chǎn)生的。有時(shí)，這些互相作用是很難展望的，因?yàn)樗鼈冏詈笕Q于人的行為。金融風(fēng)險(xiǎn)管理是一個(gè)連續(xù)不停的過程。跟著市場需求的變化和完美，戰(zhàn)略一定獲取履行。有關(guān)的改正反應(yīng)不停變化的市場利率，變化的預(yù)期營商環(huán)境，或比如不停變化的國際政治條件。一般來說，這個(gè)過程能夠歸納以下：1、辨別并優(yōu)先考慮重點(diǎn)的財(cái)務(wù)風(fēng)險(xiǎn)。2、確立適合的風(fēng)險(xiǎn)容忍程度。3、依據(jù)政策實(shí)行風(fēng)險(xiǎn)管理戰(zhàn)略。4、按需要權(quán)衡，報(bào)告，監(jiān)控和改良。多樣化多年來，公司財(cái)產(chǎn)的風(fēng)險(xiǎn)評(píng)論的可變性只是鑒于其回報(bào)。與此形成對照的是,現(xiàn)代投資組合理論不單考慮了一項(xiàng)財(cái)產(chǎn)的風(fēng)險(xiǎn)，并且是經(jīng)濟(jì)體整體風(fēng)險(xiǎn)的組合。因?yàn)轱L(fēng)險(xiǎn)多樣化，組織能夠有時(shí)機(jī)來降低風(fēng)險(xiǎn)。在投資組合管理方面，在必定限度內(nèi)給個(gè)別零件組合供應(yīng)了多樣化的時(shí)機(jī)。一個(gè)多元化的財(cái)產(chǎn)組合中包含的回報(bào)是不一樣的，換句話說，相互之間的關(guān)系是弱或負(fù)面的?？紤]到一個(gè)投資組合的風(fēng)險(xiǎn)是特別實(shí)用的，并且應(yīng)試慮改變或增添的潛伏風(fēng)險(xiǎn)的總數(shù)。多樣化是一個(gè)管理金融風(fēng)險(xiǎn)的重要工具。經(jīng)過預(yù)設(shè)的組織，敵手之間的多樣化能夠減少突發(fā)事件對組織所造成的不利影響而惹起的風(fēng)險(xiǎn)。此中投資財(cái)產(chǎn)多元化減少了刊行人失敗的損失程度。多樣化的客戶、供應(yīng)商和金融根源減少了一個(gè)組織的貿(mào)易被外面變化控制的負(fù)面影響的可能性。固然損失的風(fēng)險(xiǎn)仍舊存在，多樣化的時(shí)機(jī)能夠減少大的不良結(jié)果。風(fēng)險(xiǎn)管理過程金融風(fēng)險(xiǎn)管理過程中的戰(zhàn)略使一個(gè)組織去管理與金融有關(guān)的風(fēng)險(xiǎn)市場。風(fēng)險(xiǎn)管理是一個(gè)動(dòng)向過程，應(yīng)逐漸發(fā)展成一個(gè)組織和它的買賣。它波及和影響了很多方面，包含國債，銷售，營銷，法律，稅務(wù)，商品組織和公司融資。風(fēng)險(xiǎn)管理過程包含內(nèi)部和外面剖析。該進(jìn)度的第一部分包含確立和擺列金融機(jī)構(gòu)面對的風(fēng)險(xiǎn)和認(rèn)識(shí)其有關(guān)性。有必需審察該組織及其產(chǎn)品，管理，客戶，供應(yīng)商，競爭敵手，價(jià)錢，行業(yè)的發(fā)展趨向，財(cái)產(chǎn)欠債構(gòu)